Macon, MO, Jun 29, 2012 -- Amy Mayse and her two kids are familiar to USDA Rural Development’s housing programs. Amy purchased her first home in 2006, it was a split-foyer home in Macon, Missouri, with the USDA Rural Development Direct Housing program. Then about 4 years ago as her son was entering preschool he was diagnosed with Muscular Dystrophy. As the years have passed her son’s condition had become progressively worse, so much so, that he could no longer maneuver up stairs so she contacted USDA Rural Development to inquire about finding a one story home for her family. She was advised that she would need to again qualify for the USDA Rural Development housing programs and sell her current home. As she began the application process once again, she was determined eligible, and was able to sell her split-foyer home. With Rural Development’s assistance she was able provide a better environment for her son and moved in to their new home this year. “I could not have done it without USDA Rural Development’s help,” said Amy Mayse.
Through Rural Development’s Direct Housing Loan Program, low income and very low income individuals and families may obtain 100% financing to obtain homeownership. Eligible applicants can purchase an existing dwelling, purchase a site and construct a dwelling, or purchase a newly constructed dwelling in rural areas. The purpose of the loan is to provide financing at reasonable rates and terms with no down payment. Mortgage payments are based on the household’s adjusted income. These loans are commonly referred to as Section 502 Direct Loans. Applications for this program are made directly to a USDA Rural Development office.
Some of the benefits to this program include: no down payment, some or all of the closing may be included in the loan, Private Mortgage Insurance (PMI) is not required, the note interest rate is fixed, real estate taxes and insurance are escrowed and included as part of the monthly payment and payment assistance to qualified applicants may reduce the effective interest rate, thus reducing the monthly payment. The payment assistance benefit has the potential of making the homeownership monthly payments actually less than rent payments for some applicants.
Eligibility for this program is to individuals or families who meet certain eligibility criteria. Some of the criteria includes: income within agency guidelines, acceptable credit history and adequate repayment ability. Those interested in the program are encouraged to contact the USDA Rural Development office for specifics on all the eligibility criteria.
Anyone seeking more information about homeownership financing or any other USDA Rural Development program may visit the homepage at http://www.rurdev.usda.gov/mo/ or by contacting Catherine Linneman, Area Specialist, firstname.lastname@example.org or Janet Bottoms, Area Technician, email@example.com or visiting the office at 2995 County Road 1325, Moberly, Missouri 65270 or calling (660)263-7400 extension 4 . The Moberly office services the counties of Adair, Boone, Chariton, Howard, Knox, Macon, Randolph, Schuyler, and Scotland.
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